{"id":225835,"date":"2023-02-09T20:40:19","date_gmt":"2023-02-09T15:10:19","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=225835"},"modified":"2023-02-09T20:40:19","modified_gmt":"2023-02-09T15:10:19","slug":"a-nordic-india-connect-to-power-a-green-transition","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/a-nordic-india-connect-to-power-a-green-transition\/","title":{"rendered":"A Nordic-India connect to power a green transition"},"content":{"rendered":"\n

Source<\/strong>– The post is based on the article \u201cA Nordic-India connect to power a green transition\u201d <\/strong>published in The Hindu<\/strong> on 8th February 2023<\/strong>.<\/p>\n

Syllabus: <\/strong>GS3- Bilateral, Regional groupings and agreement affecting India interests<\/p>\n

Relevance<\/strong>– Relations between India and Nordic countries<\/p>\n

News<\/strong>– Trade Ministers of Norway and Finland are currently visiting India together.<\/p>\n

What is the importance of the Nordic region?<\/strong><\/h3>\n

Over the last decades, Nordic countries have been at the forefront of developing new green technologies and solutions <\/strong>such as hydrogen, offshore wind, and carbon capture and storage.<\/p>\n

The Nordics have succeeded in building stable, secure, welfare based societies<\/strong> to a large extent.<\/p>\n

The Nordic region has ambitions to become the most sustainable and integrated region<\/strong> in the world by 2030.<\/p>\n

What is the current status of relations between India and Nordic countries?<\/strong><\/h4>\n

The Nordic \u00adIndia Summit<\/strong> was held in Copenhagen in May 2022. The five Nordic leaders and Indian Prime Minister agreed to intensify cooperation on digitalisation, renewable energy, maritime industries, and the circular economy<\/strong>.<\/p>\n

PM of India expressed an interest in joint Nordic solutions that can support India\u2019s green transition<\/strong>.<\/p>\n

The Nordic business community <\/strong>in India is also growing. There are now 240 Norwegian and Finnish companies in India.<\/p>\n

India and Finland<\/strong>– The past year has seen a significant rise in trade and investments<\/strong> between Finland and India.<\/p>\n

India has grown to become a priority country for Finland<\/strong>. Finland has recently opened a new Consulate General in Mumbai.<\/p>\n

Several Indian companies are looking towards Finland for its expertise in areas of technology and innovation, sustainability, digitalisation, carbon neutrality <\/strong>and more.<\/p>\n

An increasing number of Indian students, researchers, and experts have been moving to Finland as well. Finnish companies such as Nokia and Fortum have some of their most significant investments<\/strong> in India.<\/p>\n

India and Norway<\/strong>– Trade between Norway and India has doubled in the last three years. The Norwegian Sovereign Wealth Fund<\/strong> is likely to become one of India\u2019s largest single foreign investors with around $17.6 Billion investment.<\/p>\n

The Norwegian government has also recently established a new Climate Investment Fund<\/strong> for investments in renewables abroad, and India has been defined as a focus country. Almost \u20b91,500 crore have been invested so far in India through the climate investment fund.<\/p>\n

What is the scope for future collaborations between India and Nordic countries?<\/strong><\/h5>\n

Both Norway and Finland have ongoing free trade agreement and investments negotiations<\/strong><\/p>\n

with India. Finland, is a part of the EU\u00ad India FTA negotiations, and Norway is negotiating through the European Free Trade Association.<\/p>\n

Finalising the free trade and investments agreements<\/strong> should be a priority.<\/p>\n

There is a great deal of complementarities in our trade relations. In addition, trade in services<\/strong> is an area of significant potential, especially with tourism, education, IT, energy, maritime and financial services<\/strong>.<\/p>\n

Together, the Nordics and India can power the green transition<\/strong> the world needs.<\/p>\n","protected":false},"excerpt":{"rendered":"

Source– The post is based on the article \u201cA Nordic-India connect to power a green transition\u201d published in The Hindu on 8th February 2023. Syllabus: GS3- Bilateral, Regional groupings and agreement affecting India interests Relevance– Relations between India and Nordic countries News– Trade Ministers of Norway and Finland are currently visiting India together. What is… Continue reading A Nordic-India connect to power a green transition<\/span><\/a><\/p>\n","protected":false},"author":10320,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[216,10498],"class_list":["post-225835","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-gs-paper-3","tag-the-hindu","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704954842},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/225835","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10320"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=225835"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/225835\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=225835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=225835"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=225835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}